First Republic Bank plunged 90% on May 3, and Standard & Poor's further downgraded First Republic Bank's junk credit rating on Tuesday after regulators took over the bank and sold its assets to JPMorgan Chase. S&P downgraded the bank's rating to "CC" from "B +" and said it expects First Republic's default to be "almost certain" (Note: First Republic's code has been changed, from FRC to FRCB. First Republic is trading on pink sheet!) S&P said that since JPMorgan assumes the vast majority of First Republic's assets, given the inadequate remaining asset base, it is highly likely that the bank will be in...
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